Staying physically fit is important. But what about your financial health? Here are seven tips on how to manage your money.
- Create a savings plan. Whether you’re saving money to purchase a home, start a home improvement project or go on vacation, create a savings plan. Some plans are as simple as saving $1 each week!
- Get out of debt. Create a debt payoff plan and figure out how much you can allocate each month to reduce your debt.
- Request multiple direct deposits from your employer. It’s a lot easier to save money when you don’t see it in your bank account. Ask your employer to open an additional direct deposit and place a portion of each paycheck in a savings account. Many online banks allow you to open multiple savings and checking accounts without any fees.
- Check your interest rates to see if you can get lower ones. Check your mortgage, auto and student loan payments to see if there’s anywhere you can refinance and get a lower rate.
- Cut out the unnecessary spending. No one has unlimited funds; everyone should assess their spending limits. The next time you are shopping online, ask yourself if you really need the items in your Amazon shopping cart. Remove the unnecessary spending.
- Avoid using your credit card. Try leaving your credit card at home to avoid impulse spending. If you really want something, you can return to the retailer to purchase it later.
- Keep an eye on your credit report. With the prevalence of data breaches, credit card number thefts and other online thieves, it’s wise to pull a free copy of your credit report and check it for any errors.
What are your financial goals for the next 12 months? Refinancing your mortgage could lower your interest rate and reduce your dependence on high-interest credit cards. Visit www.freedommortgage.com to learn more about home financing options.